BNP Paribas Confirms Belief in Distributed Ledger Technology For Financial Purposes
BNP Paribas has been working on blockchain technology for quite some time now, and its efforts went well beyond an in-house development team. Just a few days ago, their very first blockchain Bizhackathon took place, with the sole purpose of finding use cases for distributed ledger technology in the banking world. The BNP Paribas Blockchain Bizhackathon. Even though it is crystal clear for anyone in the world of Bitcoin and blockchain technology to see why distributed ledgers are a powerful tool for the financial sector, coming up with the right uses is a key element in making these efforts....
Related News
The new project saw forty major banks to verify a system for the trading of fixed income using blockchain technology. Several dozen banks and other financial institutions are focusing their attention on incorporating distributed ledger technology in their existing infrastructure. While there are several different ways to use the blockchain for economic needs, one of the first projects to be thoroughly tested comes in the form of bond trading using distributed ledgers. This concept will be an interesting test for the capabilities of R3 CEV as a blockchain consortium. Many people have been....
Hardly anyone can deny the financial ecosystem will need to undergo an overdue change sooner rather than later. The legacy system is not able to keep up with growing consumer demands and needs. Over in the United Kingdom, the Bank of England will develop a blueprint for this overhaul, focusing on new payment preferences and distributed ledger technology. Bank of England Looks At Distributed Ledger Technology. Revamping the UK’s entire financial ecosystem will be quite the challenge, even for the Bank of England. At the same time, a lot of work has been done already, as consumers are....
Corda, the distributed financial ledger solution created by R3 led banking consortium can drastically reduce the time taken to process transactions, increasing profits by 10%-15%. R3 Blockchain Consortium, a group comprising over 50 major financial and tech institutions across the globe, has been successful in solving various trade challenges using the blockchain technology. The New York-based fintech firm has recently announced an unprecedented success with its Corda distributed financial ledger. The trial involving invoice financing and letter of credit transactions was conducted in....
The R3 consortium has disclosed that it has worked with over 15 of its member banks to complete two distributed ledger technology prototypes. They demonstrate how the technology can address the key challenges facing the $45 billion global trade finance industry. R3 is a financial innovation firm that leads a consortium partnership with over 50 of the world’s leading financial institutions. These prototypes validate distributed and shared ledger technology as a faster, more reliable, and cost-effective digital alternative for trade financing. Participating banks designed and utilized smart....
Governor of the Reserve Bank of Australia (RBA) Glenn Stevens has issued new comments on blockchain technology as part of a broader conversation on the APAC nation's economic outlook for 2016. Speaking to The Australian Financial Review, Stevens voiced his belief that the country's banks should investigate the potential benefits of the distributed ledger, which he suggested was the true innovation behind bitcoin. "Blockchain is actually the bit about bitcoin that was, I think, the really clever bit," Stevens told the news source, adding: "In areas where you've got a centralized ledger, the....